Halal cosmetics companies urged to tap into’substantial’ opportunity in organic, ethical market

There is "subustantial"opportunity in the broader organic, cruelty-free, vegetarian and vegancosmetics markets that native halal companies can tap into, said new report theState of the Global Islamic Economy 2018/19.

The study valued Muslim expenditure oncosmetics at $61 billion in 2017 and projects it to grow 6.9 percent to reach$90 billion in 2023.

The global organic personal care market wasestimated at a much lower $12.9 billion in 2017 but has a higher forecastedrate of growth, at 9.5 percent a year, to reach $25.11 billion by 2025.

According to the report, companiesaddressing the broader opportunity are experiencing substantial growth andpresenting strong competition.

It cited the example of the surge in exportsof South Korean plant-based cosmetics to Islamic countries, that increased by21 percent in 2017 to reach $131 million.

Link->https://www.salaamgateway.com/en/story/halal_cosmetics_companies_urged_to_tap_into_substantial_opportunity_in_organic_ethical_market-SALAAM04112018062221